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A low end, budget priced Apple iPhone 5 ? We take a look at what the analysts predict.

Two well respected analysts have issued research reports centered around the possibility that Apple is working on one or two new versions of the iPhone 5. One high end, one low end - as reported by ValueWalk.

The new research follows the findings of Canaccord Genuity and Credit Suisse who spoke to companies within Apple’s supply chain at the recent Mobile World Congress, in Barcelona last month.

The findings, detailed within the company’s recently released reports, predict that Apple is currently working on the development of a low-end budget priced, "3G only" version of the iPhone 5.

Further, Credit Suisse predict the price of the "3G only" version of the iPhone 5 at around £217.50p which would be approximately half the cost of the iPhone 5. The 3G low end version of the iPhone 5 is also predicted to come with 8GB of on-board memory. The analysts did not forecast a launch time for the low end 3G version.

The analysts also say that the lower priced iPhone 5 would be a hit in the mid-range market and could take up to 40% of the market share in that range.

Meanwhile, Canaccord Genuity, in the same report, forecast that the iPhone 5S would launch in August this year or otherwise in Q4/2013. The analysts forecast that the iPhone 5S would come with a larger display screen and some unique software feature, as yet unknown.